Saturday, May 28, 2016

North Korea could be behind international bank heists, security experts say

North  Korea is believed to be  responsible for a series of cyber attacks and heists  for  a number of banks in the Philippines,  Vietnam  and Bangladesh.  It is estimated that at least, 81 million dollars was stolen from the central bank in Bangladesh, and 1 million dollars from   the Tien Phong Bank in Vietnam. Symantec , a private technological firm  examined the code that was used in the attack, which happens to be code used  during the 2014 cyber attack  against Sony Pictures that North  Korea  was also believed to be  responsible for  The cyber attacked managed to breach swift, a payment transfer system which is used by 11,000 banks in the world , and is thought one of the most secure systems payment transfer systems available . However, swift has stated that only the connection points were breached, not the system itself and the attack was part of  a coordinated campaign, but did not blame  North Korea solely for the attacks.  If  North Korea was behind the cyber attacks, it would represent the first time in history, that a Nation has stolen funds from a private bank through the methods of using a cyber attack.

Thomas Baggot

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